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Conference Paper
Does short-term debt increase vulnerability to crisis? Evidence from the East Asian financial crisis
Does short-term debt increase vulnerability to financial crisis, or does causality go the other way, so that short term debt reflects rather than causes the incipient crisis? We approach this question empirically by examining the banking sector in five East Asian economies that were affected by the financial crisis of 1997-8. We put together a firm-level database that includes information on banks? debt obligations as well as on bank failures following the crisis. We deal with potential endogeneity of short term debt by using certain long term debt obligations instead. These are debt ...